How can a bank provide a mortgage commitment letter for new construction that is still 8 months out? Don't they need a physical home to

Asked by fmann47, Bridgewater, NJ Mon Feb 18, 2013

appraise?? This is for a new home in Monroe Township, NJ.

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Paul Marzolla’s answer
Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Thu Feb 21, 2013
A physical home is not required to obtain a commitment. If you're interested in exploring these options please contact me at your earliest convenience so we may further discuss the specifics.

Kindest regards,

Paul Marzolla
Loan Officer
(201) 957-6768
(201) 203-2266
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Keith & Kins…, Agent, Verona, WI
Tue Feb 19, 2013
They can appraise a home based on the building plans and specifications. We recently built our own home and it was appraised for the construction loan prior to closing on our lot or breaking ground. Linked below is the home build portion of our blog. It may give you some insight into the process.
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